Question 3 A. Define marginal revenue and marginal cost. B. The following information is a summary of a firm's costs (in dollars) associated with the production of output Q. Q FC VC TC MC AFC AVC 10 ATC 10 28 20 10 32 30 10 44 40 10 56 50 10 80 60 10 128 i. Calculate MC, AFC, AVC and ATC associated with each level of output. ii. From calculations at i., sketch AFC and AVC on the same axes.The table below shows the demand and supply schedules for bleach. PRICE QUANTITY DEMANDED QUANTITY SUPPLIED (per litre) (litres per week) (litres per week) A. Draw the demand and supply curves on the graph paper provided. f'rvn') B. Indicate the equilibrium price and quantity. I C. Suppose the government decides that the price of bleach is too high and imposes a price ceiling of $12, what would be the impact of such a ceiling? D. Instead of a ceiling, suppose the government places a price floor of $18. Explain the effect of the price oor. E. Highlight the difference between a change in demand and a change in quantity demanded. - - ,-.-- F. Identify ONE 1] 1 factor that could lead to a rightward shift in the supply curve